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Billionaire Jamie Dimon famously dubbed bitcoin "stupid" and "fraud", but now the boss of one of America's largest banks is pushing his company into the world of cryptocurrencies.

Dimon-led JPMorgan Chase will reportedly start issuing bitcoin-like digital currencies called "JPM Coins", making it the first major bank to issue its own form of the digital money, according to the New York Post.

Umar Farooq, head of JPMorgan's blockchain projects, told CNBC the JPM Coins would be worth a dollar each, and would largely be used to speed up transactions, settlements, and treasury services.

"So anything that currently exists in the world, as that moves onto the blockchain, this would be the payment leg for that transaction.